SWIFT India has aligned with MonetaGo to build a network based on distributed ledger technology (DLT) that will cater to the Indian banking sector. MonetaGo is a blockchain firm that develops tools for financial institutions to facilitate interbank payments. SWIFT India said Indian banks will be able to use a shared distributed ledger network to improve the efficiency of their financial product, owing to MonetaGo’s financial services network technology integrated via standardized SWIFT financial messages. The network will be developed to meet industry standards and will be highly secure, thereby enhancing data privacy. Kiran Shetty, CEO, SWIFT India said MonetaGo’s expertise in providing fraud mitigation solutions to avoid double-financing and check authenticity of e-way Bill gave SWIFT the confidence to partner with it. MonetaGo has been focusing on launching solutions that help detect illegal transactions. The company had announced the deployment of the Fraud Mitigation Network, a decentralized information sharing portal that is not controlled by any financial entity and can be used to detect fraudulent transactions.
